Sustainable Business is a Pledge for a More Prosperous Future

The environment became the number one topic, and everyone is now talking about the importance of environmental protection

Environmental protection has always been the focus of socially responsible individuals and companies. However, with the rapid development of technology and greater availability of information, we have become more aware of the consequences that inappropriate behaviour can have on our planet. Thus, the environment became the number one topic, and everyone is now talking about the importance of environmental protection. However, there are companies for whom these priorities are not new and which, for a long period, have been carrying out their activi- the planet as our only place to live for future generations. One such company is NIS, which has incorporated sus- ties in accordance with the rational use of natural resources and are engaged in preserving tainable development goals into all of its business processes and for whom investing in en- vironmental protection is the basis of numerous activities that the company continuously implements. NIS’s commitment to sustainable business is evidenced by the fact that the company is a pioneer in Serbia when it comes to having verified reports on sustainable development. This year, NIS has published the 13th consecutive verified report under the slogan “Our Sustainable Community.” In the Report, this oil company comprehensively and trans- parently presents all of its key activities in 2022 to the wider public, and it also lists how NIS contributes to the accomplishment of 12 of the 17 UN Sustainable Development Goals with its operations.

Environmental protection and contributing to preventing climate change are of particular importance to NIS, bearing in mind that the energy industry is very intensive and that it is expected to make a full contribution to decarbonization. The NIS Report states, among other things, that environmental protection is assigned great importance, and that since 2009, the company has invested over 900 million euros in environmental and business projects that indirectly contribute to environmental protection.

Large investments also produced significant results. First and foremost, in the last 10 years, NIS has reduced emissions of pollutants into the air by as much as 90 percent. Projects covering this area have been implemented in all business segments and mostly in the Pančevo Oil Refinery which became the first energy facility in Serbia to receive an integrated IPPC permit, which confirms that all production processes in the refinery comply with the highest domestic and European environmental standards. Furthermore, NIS has built mini power plants on its oil and gas fields in Serbia, where the associated gas that was previously burned on the flare, is now used for the production of electricity and thermal energy. Additionally, this leading oil company in Serbia implements projects related to the injection of separated electricity and thermal energy based on natural gas as a more environmentally friendly fuel, became operational. The electricity generated here is completely transferred to Serbia’s national power grid, by which NIS contributes to the energy stability of our country.

Implementing its green agenda and following the determination to increase the share of renewable energy sources, NIS has started installing solar panels at gas stations in our country. So far, this project has been implemented at 15 petrol stations, which has had positive business and environmental effects. Namely, with the use of solar panels, the total savings in the procurement of of monitoring and reporting on GHG emissions every quarter was introduced in the NIS Company last year, all with the aim of their more precise quantification and monitoring of trends. The company monitors and reports on Scope 1 (direct greenhouse gas emissions), Scope 2 (indirect greenhouse gas emissions) and for the first time, made a complex calculation for Scope 3 (other indirect greenhouse gas emissions). In order to be as precise as possible in this segment, that is, to more accurately define the impact of the company’s operations on climate change, NIS held training sessions for employees covering the topic of calculation of greenhouse gas emissions. Furthermore, NIS pays great attention to energy efficiency, so from 2012 to 2022, the company increased its energy efficiency by 33 percent, which also contributes to a more rational use of resources and environmental protection. carbon dioxide into deposits, which has generated positive business effects and also reduced gas emissions. Plus, last year, to further diversify its business and expedite the energy transition, the NIS Company formed the Energetika Block. Also, in 2022, TE-TO Pančevo, the first gas-steam power plant in Serbia that is engaged in the combined production of electricity will amount to about 600MWh on an annual level, while the reduction of carbon dioxide emissions is estimated at more than 600 tonnes per year. NIS will continue to install photovoltaic power plants in its retail network and other facilities in the future.

Following the legislation of the Republic of Serbia, the practice

NIS states that it will continue to invest in the preservation and protection of the environment, guided by the UN Sustainable Development Goals, as well as that it will continue to transparently inform the public about all of the company’s significant activities in its annual sustainable development reports.